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Palo Alto Networks beat Wall Street's fiscal first-quarter estimates after the bell on Wednesday and announced plans to buy cloud observability platform Chronosphere for $3.35 billion .

The stock fell about 3%.

Here's how the company did versus LSEG estimates:

Earnings per share: 93 cents adjusted vs. 89 cents expected

Revenue : $2.47 billion vs. $2.46 billion expected

Revenues grew 16% from $2.1 billion a year ago. Net income fell to $334 million, or 47 cents per share, from $351 million, or 49 cents per share in the year-ago period.

Palo Alto's Chronosphere deal is slated to close in the second half of its fiscal 2026. The cybersecurity provider is also in the process of buying Israeli identity

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